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Link to Lloyd's newsletter
February 2009
In this issue
London market goes electronic
Insurance School of Chicago
TMAC Windy City Summit
Insurance Associates update
Lloyd's blows into the Windy City - a look back at 1961
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The London market goes electronic
Nearly 80% of policy submissions in the London market are now made electronically via the Insurer’s Market Repository, according to the latest issue of the Market Reform Newsletter.
As part of its “finish what we’ve started” agenda, the Market Reform Group has agreed that all policies should be submitted to Xchanging electronically as of March 1, 2009.
Also on the MRG agenda for 2009 is getting full usage of the Electronic Claims File and moving to the use of structured ACORD standard data for premium submissions.
Meanwhile, Lloyd’s has begun a pilot initiative to provide a simple messaging hub that will allow the electronic exchange of standardized information throughout the insurance process using common ACORD data standards.
The Lloyd's Exchange is intended to sit alongside and assist the “face to face” process that is integral to the Lloyd’s model. More than 20 London market organizations are already committed to the pilot and 57 organizations are investigating options.
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Insurance School of Chicago
Did you know that insurance and risk management professionals in Chicago have been helping each other “get educated” for more than 50 years?
In the 1950s and ‘60s - yes, the era of Mad Men - the Chicago CPCU Chapter worked with local colleges, including the Illinois Institute of Technology and DePaul University, to schedule INS and CPCU classes. Then in 1969 the Insurance Society of Chicago was established as a nonprofit Illinois corporation with leading industry professionals serving on the board and the Insurance School of Chicago opened its doors.
For most of the last 40 years the Insurance School has had its office and home classrooms at either 175 West Jackson - formerly known as the Insurance Exchange building - or at 330 South Wells - formerly called the Insurance Center building - where the Insurance School is currently headquartered.
But the Chicagoland risk management and insurance community is far too diverse and too geographically dispersed to be served from a single location. So over the years dozens of insurers, brokerages, agencies, law firms, service bureaus and other related businesses have hosted Insurance School classes in their spare space, training rooms and conference rooms – including most recently Lloyd’s Illinois.
In the 1970s and ‘80s, the sole focus of the Insurance School was semester-length classes preparing students for the national examinations conducted by the Insurance Institute of America and the American Institute for CPCU. In the 1980s Associate in Claims and Associate in Risk Management classes were added and the curriculum expanded to other specialty designation programs in reinsurance, commercial underwriting and management. The Insurance School also joined the Chicago RIMS Chapter, the Ryan Group and Business Insurance magazine in sponsoring the annual Harold H. Hines, Jr. Memorial Symposium.
In the 1990s, the Insurance School added prelicensing classes for producer candidates and half-day and full-day seminars on insurance and “soft skills” topics to its educational offerings. ISC is a certified provider with the Illinois Division of Insurance for both prelicensing and continuing education, and virtually all courses and seminars provide Illinois continuing education credit – including a number of self-study courses.
In the new century, the Insurance School partners with employers to bring prelicensing courses, seminars, and semester classes to employees in their own offices. The Insurance School is also an approved provider, through the Mayor of Chicago’s Office of Workforce Development, of several programs eligible for federal job-training grants.
But the heart and soul of the Insurance School is the face-to-face interaction in the classroom, whether that classroom is in the Loop, in Lisle, in Itasca or in Elk Grove Village. Hundreds of Chicagoland insurance and risk management professionals have shared their knowledge and insights with others as Insurance School course leaders and seminar speakers over the years.
The Insurance Institute of America and the American Institute for CPCU have recognized those whose students pass national exams at a high rate as “outstanding course leaders”. Several dozen Insurance School course leaders have received this recognition. The Institutes also present the Jack Derrickson Award each year to a course leader with consistently excellent results. A quarter of the recipients of this award have been Insurance School course leaders.
The Insurance School of Chicago’s Spring classes begin in February and March. See the class schedule here.
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TMAC Windy City Summit
The Treasury Management Association of Chicago will host its 23rd annual Windy City Summit “A Wealth of Information” on May 20-22, 2009 at the Hyatt Regency Chicago.
This year TMAC will feature an Insurance Track along with a multitude of Treasury Management Educational sessions. Attendees can earn CTP, CCM and CPE continuing education credits.
TMAC is a not for profit professional organization dedicated to providing a forum for its members for the exchange of ideas, concepts, and techniques related to cash/treasury management. Membership is open to people whose primary job responsibility is the practice of treasury or financial management within organizations, companies, educational institutions, governmental bodies or corporations.
You won’t want to miss this conference - especially in our ever changing economy! Get detailed information on the Windy City Summit here.
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Insurance Associates
IA brings together young professionals from all insurance industry disciplines to establish peer networks for increased business opportunities and educational advancement. IA members may attend ALB seminars – offering important Illinois Division of Insurance continuing education credit – free of charge.
Learn more about Insurance Associates here.
IA held their annual kick-off the year holiday party at the WestEnd Bar & Grill on January 9. More than 80 members and friends attended. IA also hosts networking, charity and volunteer events throughout the year including the St. Baldrick's charity fundraiser in March, a Cubs game outing in the spring, a Lake Michigan boat cruise in the summer and a bowling party in the autumn.
Each year a group of young professionals volunteer to serve as the officers of IA. The officers plan and organize the events that bring the membership together throughout the year. Here are the officers for 2009.
Pictured L-R are Katie O'Hara, Matt Britton, former IA officer Elham Abdishi, John Hoey, Megan Fitzgerald, Jennifer Davis and Tim Pedersen, Jr.
Matt Britton
Matt joined the IA board in September 2008 while working as a property and casualty broker with the national accounts team in the Chicago office of Lockton Companies. Matt’s work with Lockton focused on the placement of shared layer global property programs frequently coordinated with Lockton’s partners in London. Matt is now in the process of securing an underwriting position with AIG Worldrisk, specializing in foreign package policies for domestic based companies with international exposure.
Matt attended the Katie School of Insurance at Illinois State University. He was very involved in the insurance program and was an officer in the local chapter of the insurance fraternity Gamma Iota Sigma. After graduating college Matt continued his insurance studies and obtained the ARM designation.
In his leisure time Matt enjoys spending time with friends and family and participating in nearly all types of sporting activities. His recent infatuation with golf has emptied his bank account and caused him many headaches, but he is looking forward to the remedy a bright spring will bring.
Jennifer Davis, Crump Insurance Services
Jennifer is an Associate Broker at Crump Insurance Services, where she has worked for the past five years. She handles the marketing and maintenance of new and renewal casualty accounts. Prior to joining Crump, Jennifer worked as a Production Assistant at Swett & Crawford, where her insurance career began. She received a BS degree in Business Administration from the University of Dayton in 2003.
Jennifer has been involved in IA since 2004 and has been an officer since February 2008. She also serves as Vice President of Marketing and Public Relations on the Auxiliary Board of Northwestern Memorial Hospital and is on the Advisory Council for the newly formed Northwestern Brain Tumor Institute.
Jennifer enjoys golfing, running and is an avid traveler.
Megan Fitzgerald, Navigators Management Company
Megan Fitzgerald has been an IA officer since September 2008. She started her insurance career in 2004 as a Corporate Associate in the Zurich North America Associate Program. After traveling the country on a quest for a cross-functional insurance education, she settled in a Chicago middle market underwriting position. Megan spent nearly three years in that role until she received the call to transition to the excess and surplus lines market.
Megan now works for Navigators Management Company as a General Liability Underwriter. She enjoys getting to work and interacting with the wholesale brokerage community – although she is still adjusting to the change in pace of the E&S side of the business!
Megan received her BS in Business Marketing from Bradley University in 2004 and is working toward completing her CPCU certification.
In her spare time Megan enjoys traveling, trying new restaurants, running and shopping. Wedding Planning has become her most recent and time-consuming hobby and she will marry another insurance professional on August 1, 2009.
John Hoey, Fireman's Fund Insurance Company
John joined IA in 2008 and became an officer in September. He started his insurance career at Fireman's Fund Insurance Company in July 2006 after a six year stay on the trading floor at the Chicago Board of Trade as a broker/trader’s assistant. John currently works as an underwriter for Excess Casualty risks in the non-admitted unit.
John attended Northern Illinois University after receiving the Chick Evans scholarship, awarded to caddies with a strong caddie record and excellent academics.
John is a lifelong Chicagoan and the youngest of five children born to Irish immigrant parents. Thanks to his dad he has the nicknames of Hoey-boy and Chips a Hoey.
Kathryn O’Hara, Lloyd’s Illinois
Katie is a Compliance Analyst at Lloyd’s Illinois, responsible for reviewing and countersigning both coverholder and open market business. Before joining Lloyd’s she worked for a buying group in Oak Brook.
Katie has an undergraduate degree from Tulane University and a Master degree in Library and Information Science from Dominican University. She is currently pursuing the CPCU designation.
In her spare time she enjoys reading, running and cooking. Katie is engaged to be married in September 2009.
Tim Pedersen, Jr, Travis-Pedersen and Associates, IA President
Tim has been involved with IA and ALB since he started at Travis-Pedersen and Associates in May 2007. He became an IA officer in July 2007 and was elected President in September 2008.
Tim lived in London during the summer of 2004 to participate in an internship with a Lloyd's broker where he was able to experience first hand the inner workings of the London marketplace. He also spent time working for a property MGU in Naperville which helped solidify his knowledge of property insurance.
Tim currently works as an assistant in the casualty brokerage department and he’s starting on the CPCU track. Tim is an avid golfer, fly fisherman and loves to cook. He believes that this is the year the Cubs are going to pull it out.
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Lloyd’s blows into the Windy City – a look back at 1961
Lloyd’s took Chicago by storm in the summer of 1961 when the Chairman and a Lloyd's delegation brought their exhibit to the International Trade Fair at McCormick Place. The visit set off a media and social tornado, culminating in ALB's gala dinner to celebrate the 50th anniversary of Lloyd's as an admitted insurer in Illinois.
According to the National Underwriter, “The established position that bas been achieved by Lloyd’s as a member of the Illinois insurance fraternity was displayed in dramatic form with a visit to Chicago of Lloyd’s chairman, G. Ewart Thomson, to publicize Lloyd’s exhibit in the International Trade Fair and to celebrate 50 years since the Illinois legislature adopted an enabling act admitting Lloyd’s to the state.”
In addition to the Chairman, the Lloyd's delegation included members of the Lloyd's Insurance Brokers Association, the Aviation Underwriters Association and the Fire and Non-Marine Association.
The Lloyd’s exhibit at the Trade Fair at McCormick Place included two Lloyd’s “waiters”, a street scene of Regency London, a full-size replica of Edward Lloyd’s coffee house complete with period furniture and pewter, illustrations of scenes from the history of Lloyd’s and a 43 foot long panoramic view of the Underwriting Room in the Leadenhall Street building.
National Underwriter also noted that “Mr. Thomson’s visit to Chicago was the first ever made by a chairman of Lloyd’s while in office. This was marked with a series of receptions, dinners and luncheons that were in every way appropriate to the special nature of the event.”
The Chairman hosted a gala dinner at the Tavern Club to honor the 25th anniversary of the establishment of the office of the Illinois Attorney-in-Fact – the first overseas office to represent Lloyd’s.
The Association of Lloyd’s Brokers reciprocated with a formal dinner for 150 people at the Guildhall of the Ambassador West Hotel. Hosted by Attorney-in-Fact John S. Lord, the dinner celebrated the 50th anniversary of Lloyd’s as an admitted insurer in Illinois. Among the guests from London were the Chairman, P.W. Milligan, P.S. McDougall, E.G. Ingram, C.N. Close-Smith, E.S. Shaw and their wives. The British Consul General and the Illinois Director of Insurance also attended.
Amid the business meetings, cocktail parties and social whirl, the Chairman shared a luncheon podium with Chicago mayor Richard J. Daley. Pictured at right.
Notable Chicago columnist Irving “Kup” Kupcinek wrote in the Chicago Sun-Times that the Chairman, “who has a droll sense of humor, told it to us over lunch in the Pump Room: the owner of a huge department store in London became alarmed because the number of shoplifting incidents decreased. ‘He was worried,’ deadpanned Thomson, ‘that his goods were not displayed attractively enough!’”
The Lloyd’s exhibit at the International Trade Fair and the visit by the Lloyd’s delegation underscored the importance the London market placed on Chicago and the Mid-west in 1961. An importance that continues today.
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Views expressed in this newsletter do not necessarily reflect the opinion of Lloyd's. While every effort has been made to ensure that the information given is accurate, no responsibility (legal or otherwise) is accepted by Lloyd's for any errors or omissions.
Copyright © 2009 Association of Lloyd's Brokers |
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